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Is an HO-5 policy more expensive than an HO-3 policy? Generally, yes. HO-5 policies are usually more expensive than HO-3 policies because they offer broader coverage for your personal property.
Because of its high level of protection, an HO-5 policy is usually more expensive than a standard HO-3. Learn more: HO-5 insurance. HO–6. HO-6 insurance is specifically for condo owners. It ...
HO-3 policies: These are the most common homeowners insurance policy type and include all the basic coverage types. The key difference between HO-3 and HO-2 policies is that an HO-3 policy covers ...
Homes covered by an HO-2 Broad policy accounted for 5.15%, which covers only specific named perils. The remaining 2% includes the HO-1 Basic and the HO-8 Modified policies, which are the most limited in the coverage offered. HO-8, also known as older home insurance, is likely to pay only actual cash value for damages rather than replacement. [13]
The most basic home insurance policy is an HO-1, which provides coverage on the structure of your home. An HO-2 is a step above the HO-1, as it covers your home and personal belongings for named ...
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A standard home insurance policy, or HO-3 policy, typically offers six coverage types: Your home’s structure (dwelling coverage) Other structures. Your personal belongings.
That means, on average, it could cost just about $14.50 per month for a standard HO-4 policy. The price of your renters insurance policy depends on certain contributing factors. Your state plays a ...